please answer in detail with all work thanks no copy paste Tammy realizes that she has charged too much on her credit card and has racked up $15,000 in debt. If Tammy can pay $350 each month and the card charges 23 percent APR (compounded monthly), how long will it take her to pay off the debt?
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please answer in detail with all work thanks no copy paste
Tammy realizes that she has charged too much on her credit card and has racked up $15,000 in debt. If Tammy can pay $350 each month and the card charges 23 percent APR (compounded monthly), how long will it take her to pay off the debt?
, how much interest will Tammy pay if she chooses to continue in making monthly payments of $350?
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- Helen recently received a credit card with a nominal interest rate of 21 percent. With the card, she purchased some new clothes for $350. The minimum payment on the card is only $15 per month. If Helen makes the minimum monthly payment and makes no other charges, how long will it be before she pays off the card? a. 14.5 months b. The card will never be paid off. c. 30.3 months d. 46.9 months e. 18.2 monthsSteve has maxed out his credit card and owes $22,000. The annual interest on his credit card is 18.25%. a. The minimum payment for some credit cards is 2% of what you owe. What is Steve’s minimum payment? b. Suppose Steve continues to pay the amount found in part a, how long until he has paid off her credit card dept? Assume he doesn’t charge anything else. c. What is the total amount he spent to cover the $22,000 debt? d. Suppose Steve decides to pay $750 per month, how long until he pays off the credit card? e. How much does she save by paying $750 a month? f. Suppose Steve is getting married in 25 months, what should he pay every month to clear hiscredit card debt by the time he is married?for just one year of spending $100 on dinner every other saturday how much would debbie pay in interest for her credit card balance of $2400 if she pays the minimum payment $48 per month? how long will it take debbie to pay off this amount.
- Scenario: Ashley decides to pay 500 total to her student loans each month. She continues the minimum payment on the loan with the lower interest rate and puts the rest of the $500 towards the higher interest rate loan until it's paid off. Then she puts all $500 towards the lower interest rate loan until it is paid off. a) How much total interest will Ashley pay in this scenario? b) How much does she save by increasing her payments in this wayCurrent Attempt in Progress After living in a university residence for one year, Alysha decides to rent an apartment for the remaining three years of her degree. She has found a nice location that will cost $740 per month. Rent for the first and last month must be paid up front. How much money would Alysha need to have in her bank account right now to be sure she will always have enough for rent? The bank account pays 6.0 percent interest, compounded monthly. (Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) Amount Alysha would need to have right now $Q. Sarah and Joshua each use their credit cards to buy holiday packages to Adelaide. The cost of the package is $1700 for each person. a) The charge on Sarah’s credit card is 0.9% compound interest per month on the unpaid balance. It has no interest-free period. Sarah pays $800 after one month and another $500 the next month. How much does she still owe on her credit card? b) The charge on Joshua’s credit card is interest-free in the first month and 1.4% compound interest per month on any unpaid balance. Joshua pays $800 after one month and another $500 the next month. How much does he still owe on his credit card? Write detailed solutions.
- 2. Janine has two choices for paying off her credit card balance. She can make payments of $186 per month for 36 months to the credit card company, or she can borrow the card balance from the bank and make payments of $162 per month to the bank for 36 months. How much money will she save if she borrows the money from the bank and pays off her credit card? F $927 G $28 H $972 $864Mary would like to save $10,000 at the end of 5 years for a future down payment on a car. a. How much should she deposit at the end of each month in a savings account that pays 1.2%/a, compounded monthly, to meet her goal? b. If you currently have a part-time job, consider your hourly wage. If you do not have a job, use the minimum hourly wage in your jurisdiction. How many hours each month would you have to work, just to make those payments? Write a brief reflection on the advantages and disadvantages to long-term saving for a purchase, compared to borrowing a large sum of money and paying it off over time. Note that interest rates for savings accounts are always lower than interest rates for borrowing.6. Nita is preparing to go on a trip and determined she needs to bring $ 7,600. How much must she borrow for a simple discount note at 6.5% for 90 days?
- Anna does not use her credit card for anything else and she pays off the $100 cash advance plus in six months by making payments of $19.83. Her credit card company charges 18% APR. Create an amortization schedule for her six payments. How much will Anna end up paying in interest and fees for her $100 cash in advance?Sarah borrows some money to buy a new car. The car dealership allows her to defer payments for 12 months, and Sarah makes 60 end-of month payments thereafter. If the original loan is $29140 and interest is 0.75% per month, how much will Sarah's monthly payment be? 4 O $1326 O $796 O $530 O$663 O $1193Joelle prefers to pay by credit card, but her card was declined. She B returns home to call her bank. They informed her that her credit limit using this card is $300. The credit card she has currently charges a 19.2% annual interest rate compounded monthly. The table to the right shows the balance, 8, of her account after m months. 100 119.2 142.09 169.37 4 201.89 15 240.65 286.85 Question 2A: Based on the information given, why might Joelle not have been able to use her credit card at Target? Part B: For each time period below, determine the rate of change: month 1 to month 2 month 2 to month 3 month 4 to month 6 month 3 to month 5 The time period with the greatest rate of change is: Part C: What do you notice about the average rate of change in this scenario? What does this indicate about the function we are working with? Please explain your response.
